Electronic banking, one of the most recent innovations in the banking business is currently being threatened by hackers.
The phenomenon is fast becoming a real headache to financial institutions and their clients.
Electronic banking is known for facilitating financial transactions from banks and other financial institutions in record time.
Thanks to this dynamic banking system, some malicious , and unscrupulous persons who prefer making money through dubious means have become a serious threat to its progress .
These hackers play on the emotions and psychology of victims, in order to prosper in their new job.
Most of them carry out dubious transactions through mobile money accounts.
To successfully extort money from their victim, the hackers give a false impression that money has been erroneously transferred into the victim’s account.
They then move on to convince the victim to transfer the money into the original account; usually owned by the hacker.
Once the victim complies, and provides their PIN, money is transferred into the hacker’s account.
To combat the practice , mobile money companies , financial institutions and some individuals have begun sensitizing the public on how to to identify hackers and guard against their tricks.